The Republic of Uzbekistan has introduced fresh guidelines for granting licenses in cryptocurrency mining.
The primary regulatory body overseeing crypto markets, the National Agency for Advanced Projects (NAAP), has recently unveiled its new set of rules concerning the registration of crypto mining activities. This update was previously alluded to by Vyacheslav Pak, the deputy director of NAAP, during an interview in August.
The rules specify that only registered businesses can mine cryptocurrency using power generated from solar photovoltaic systems. These miners are also permitted to link to a centralized power grid, equipped with an individual electricity meter.
“Initiating mining operations and offering related services are conditional upon obtaining the required permits and licenses.”
The agency urges the public to adhere to these regulations and avoid engaging in unauthorized cryptocurrency mining. Additionally, they cautioned against utilizing services from providers without proper licensing in Uzbekistan.
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The agency also highlighted that miners are allowed to trade the crypto-assets they acquire from mining on licensed cryptocurrency exchanges that are authorized to function in the nation.
As per the regulatory document, the NAAP grants crypto miners their operational permissions, which are valid for a span of five years. Additionally, miners are obligated to provide data on their activities whenever requested by the relevant authorities.
The NAAP emphasizes that miners must guarantee the electrical supply system’s technical integrity at their premises, keeping in mind safety, hygiene, and technical robustness.
So far, Uzbekistan’s cryptocurrency regulatory body has issued licenses to a single cryptocurrency exchange, a crypto depository, and ten additional crypto trading platforms. The agency has also been in discussions with major international exchanges like Binance, Huobi, and Bybit regarding the potential establishment of their operations in Uzbekistan, as mentioned by Pak in August.